Sui drops below $2.00 support as volume spikes and traders key key reversal pattern
Sui, the native token of the layer-1 blockchain sui, fell 2.5% to $1.98 on Thursday, slipping below the $2.00 level that acted as a key psychological and technical support.
The move came amid higher volatility and a notable spike in trading volume, pointing to growing institutional activity near critical price levels.
The price of the token fell from an intraday high of $2.03, forming a series of lower highs in a range of $0.15. Trading volume advanced to 31.18 million tokens – about 180% higher than the daily average – during a failed bounce attempt at the $1.96 mark. That bounce coincided with strong resistance at $2.05, which was tested and rejected multiple times.
This activity, especially during the midday selloff, suggests that larger players may be actively repositioning weakness. Institutional volume tends to intensify moves near support or resistance, which appears to be the case here.
However, shorter data-frame data showed signs of a possible turnaround. A double bottom pattern formed near $1.952 on the 60-minute chart, followed by a rally to $1.978. A breakout above $1.970 triggered another spike in volume – 641,000 tokens – indicating renewed buyer interest.
The $1.93-$1.96 zone now serves as close support, while $2.05 remains the next upside target. If buyers can maintain momentum above $1.970, SUI may try to retest that level. A break below $1.93, however, could accelerate losses and lead to a deeper correction. Right now, the chart suggests a short-term consolidation, with bulls and bears fighting for control near a critical technical threshold.
